As it stands, mortgage rates in September are forecast to stay about the same. Current trends show us the average rate for a 30-year fixed rate mortgage in Chicago is around 3.99%, while the average rate for a 15-year fixed rate is 3.50%. Looking to the 5/1 ARM, we see an average of 3.82%.
It’s important to remember that no two mortgages are the same, and big name banks like Bank of America and Chase won’t always have the best rates to offer.
The good news here is that mortgage rates are expected to stay level for a while and not take a sudden hike as economists were forecasting earlier this year.
If you’re looking to buy a home or invest in a property in the Chicago area, feel free to connect with me. I can help with a wealth of financing options that go beyond what your bank can offer